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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Interest revenue $ 12,463 $ 14,589 $ 24,997 $ 31,728
Interest expense 2,264 3,509 4,632 9,156
Net interest revenue 10,199 11,080 20,365 22,572
Commissions and fees 3,374 2,933 7,044 5,954
Principal transactions 2,304 4,157 6,217 9,418
Administration and other fiduciary fees 1,022 819 1,983 1,673
Realized gains on sales of investments, net 137 748 538 1,180
Impairment losses on investments:        
Impairment losses on investments and other assets (13) (69) (82) (124)
Provision for credit losses on AFS debt securities [1] 0 (8) 0 (8)
Net impairment losses recognized in earnings (13) (77) (82) (132)
Other revenue (loss) 451 106 736 (168)
Total non-interest revenues 7,275 8,686 16,436 17,925
Total revenues, net of interest expense 17,474 19,766 36,801 40,497
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans (1,126) 7,990 (2,605) 14,367
Provision for credit losses on held-to-maturity (HTM) debt securities 4 31 (7) 37
Provision for credit losses on other assets (3) 48 6 44
Policyholder benefits and claims 15 15 67 39
Provision for credit losses on unfunded lending commitments 44 113 (582) 670
Total provisions for credit losses and for benefits and claims [2] (1,066) 8,197 (3,121) 15,157
Operating expenses        
Compensation and benefits 5,982 5,624 11,983 11,278
Premises and equipment 558 562 1,134 1,127
Technology/communication 1,895 1,741 3,747 3,464
Advertising and marketing 340 299 610 627
Other operating 2,417 2,234 4,791 4,607
Total operating expenses 11,192 10,460 22,265 21,103
Income (loss) from continuing operations before income taxes 7,348 1,109 17,657 4,237
Provision for income taxes 1,155 52 3,487 632
Income (loss) from continuing operations 6,193 1,057 14,170 3,605
Discontinued operations        
Income (loss) from discontinued operations 10 (1) 8 (19)
Benefit for income taxes 0 0 0 0
Income (loss) from discontinued operations, net of taxes 10 (1) 8 (19)
Net income (loss) before attribution of noncontrolling interests 6,203 1,056 14,178 3,586
Noncontrolling interests 10 0 43 (6)
Citigroup’s net income $ 6,193 $ 1,056 $ 14,135 $ 3,592
Basic earnings per share        
Income from continuing operations (in dollars per share) [3] $ 2.86 $ 0.38 $ 6.51 $ 1.45
Income from discontinued operations, net of taxes (in dollars per share) [3] 0 0 0 (0.01)
Net income (in dollars per share) [3] $ 2.87 $ 0.38 $ 6.52 $ 1.44
Weighted average common shares outstanding (in shares) 2,056.5 2,081.7 2,069.3 2,089.8
Diluted earnings per share        
Income from continuing operations (in dollars per share) [3] $ 2.84 $ 0.38 $ 6.47 $ 1.45
Income (loss) from discontinued operations, net of taxes (in dollars per share) [3] 0 0 0 (0.01)
Net income (in dollars per share) [3] $ 2.85 $ 0.38 $ 6.47 $ 1.44
Adjusted weighted average common shares outstanding (in shares) 2,073.0 2,084.3 2,084.8 2,103.0
[1] In accordance with ASC 326.
[2] This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
[3] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.